State Street in downtown Santa Barbara used to be a hub of local activity. But today, that’s not the case. Economists have ideas on how to bring businesses back to the area.
At the recent South County Economic Summit in Santa Barbara, empty storefronts on State Street were a key concern.
Professor Peter Rupert is the director of the UCSB Economic Forecast Project that hosted the Summit.
He said retail has been in decline since 2003 and there are two things to know about saving State Street: supply and demand, and incentives.
“If you understand those two things, it’s gonna take us a long way to figuring out what the right policies are for Santa Barbara,” he said.
He went on to explain that making it easier for businesses, creating mixed-use properties, and re-thinking the design of State Street might bring shops and locals back to downtown.
Rick Caruso was a guest speaker at the Summit. He owns the Rosewood Miramar Beach resort in Montecito, as well as The Grove in Los Angeles.
Caruso said State Street is a magical place but something isn’t working. The design of State Street, he said, should enrich the lives of guests and residents.
“It’s all about what makes sense in that community in terms of scale and product, how to make it livable, walkable,” he said.
Caruso said that the high cost of housing in the region contributes to the challenges and more workforce housing would make a difference.
Gene Deering from Radius Commercial Real Estate also spoke at the event. His presentation looked at the commercial blocks of State Street and how they have changed over time.
You can find more information on the UCSB Economic Forecast website.
